SRS Real Estate Partners completed the $22 million sale of Silverbell Plaza, a 97,540-square-foot retail center located at 2480-2500 N. Silverbell Road and 2106-2180 W. Grant Road in Tucson.
John Redfield, a senior vice president with SRS’ Investment Properties Group in Newport Beach, California, and SRS Senior Vice President Alan Houston in Phoenix represented the seller, a private investor from Arizona. The buyer, a Washington-based private investor who was in a 1031 exchange, was represented by Gary Gallelli Jr. and Adam Rainey of Gallelli Real Estate.
Situated on 8.45 acres, the property was 97% occupied at the close of escrow and anchored by Walgreens and Safeway. Additional tenants include Anytime Fitness; Leslie’s Poolmart; PNC Bank; Wingstop; H&R Block; and 14 other local, regional and national businesses.
“Silverbell Plaza is a high-quality, grocery-anchored center, and the seller has had a true pride of ownership for more than 20 years,” Houston said.
“Our SRS team worked with our client to thoroughly understand the asset’s history, stability and positioning in the market and proactively marketed Silverbell Plaza to our extensive national investor database.”
Redfield added, “This was a prime example of a buyer and seller working together through escrow during an uncertain time in the market. Both parties kept their long-term goals in focus to help complete this transaction. This was a true team effort all around, and a good showcase of SRS leveraging its investment sales and leasing experts, and working together to create a winning situation for both sides.”
Silverbell Plaza has more than 205,000 residents and 135,000 employees within a 5-mile radius, and new residential developments are in various stages of construction nearby. The center is also 2 miles from Pima Community College and 4 miles from Downtown Tucson and the UA.
Sales
Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Elevate, a 144-unit apartment property in Tucson. The asset traded for $21.8 million, or $151,389 per unit.
“Previous ownership enhanced all the common area amenities and implemented a two-tiered interior renovation program,” said Clint Wadlund, IPA senior director.
“A multifamily asset like Elevate will continue to attract prospective residents with its attractive amenities and convenient location in East Tucson,” added Hamid Panahi, IPA senior vice president. Wadlund, Panahi, Steve Gebing, Cliff David and Lane Schwartz of Marcus & Millichap represented the seller, Sheiner Group/Living Well Homes, and procured the buyer.
The property is close to Tucson’s historic Old Spanish Trail, which gives residents easy access to the Broadway Boulevard corridor and Tucson’s Eastside. Notable nearby employers include Afni, the Davis-Monthan Air Force Base, Agero, Alorica, and the University of Arizona Tech Park at Rita Road. There are approximately 44,400 jobs within a 5-mile radius.
Constructed in 1985 on 4 acres, Elevate is a three-story, six-building property with a business center, swimming pool and fitness center. Apartments have private balconies or patios, oversized/walk-in closets and all-electric kitchens. The average unit size is 817 square feet.
Vine Tucson LLC purchased Vine Apartments, a 6,722-square-foot investment property at 315-317 N. Vine Avenue, Tucson. The eight-unit apartment property was purchased from BRAD Land Investors LLC/The Martin and Stacey Cohan Revocable Trust for $1,425,000. Allan Mendelsberg, principal and Joey Martinez, multifamily specialists with Cushman & Wakefield | PICOR, represented both parties in this transaction.
Lease
Livestream Shopping Inc. leased 8,000 square feet of industrial space at 2055 E. 17th Street, Tucson, from R2 Ewaste LLC. Paul Hooker, SIOR, principal, industrial specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. Joseph Castillo with Volk Company represented the tenant.
Kealii Molina and Simon Frohnsdorff, dba Hawaii All-Stars Arizona, leased 5,587 square feet of industrial space at Palo Verde Business Center, 3820 S. Palo Verde Road, Suite 108, Tucson, from Pegasus Tucson Owner LLC. Industrial specialists with Cushman & Wakefield | PICOR handled this transaction. Paul Hooker, SIOR, principal, and Andrew Keim represented the landlord. Alex Demeroutis and Jesse Blum represented the tenant.
Securitas Security Services USA Inc. leased a 3,351-square-foot office at 5151 E. Broadway Boulevard, Suite 410, Tucson. Thomas J. Nieman and Richard M. Kleiner, MBA, principals and office specialists with Cushman & Wakefield | PICOR, represented the landlord, Tucson 5151 Investments LLC. Bruce Suppes with CBRE, Tucson, represented the tenant.
Proper Villains expanded its lease for an additional 1,577 square feet of office space at Williams Centre, 310 S. Williams Boulevard, Suite 310, Tucson, from DHS Property Investments Ltd. Partnership. Ryan McGregor and Thomas J. Nieman, principal, office specialists with Cushman & Wakefield | PICOR, represented the landlord in this transaction.
Vacasa Arizona LLC leased 1,100 square feet of industrial space, at Ruthrauff Commerce Center, 2450 W. Ruthrauff Road, Suite 198, Tucson, from Pegasus Tucson Owner LLC. Paul Hooker, SIOR, principal, and Andrew Keim, industrial specialists with Cushman & Wakefield | PICOR, represented the landlord in this transaction. Bruce Suppes and Diane Carlson with CBRE, Tucson, represented the tenant.
American Print Company LLC leased 920 square feet of industrial space at Exchange Place Business Center, 1870 W. Prince Road, Suite E-49, Tucson, from Pegasus Tucson Owner LLC. Paul Hooker, SIOR, principal, and Andrew Keim, industrial specialists with Cushman & Wakefield | PICOR, represented the landlord in this transaction.
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